New Delhi: Gold prices fell for the second day in Indian markets amid rupee appreciation and weak global cues. The rates of yellow metal on the Multi Commodity Exchange (MCX), February gold futures edged 0.2% lower to Rs 49,122 per 10 gram. In the previous trade, the yellow metal had closed at Rs 48,757 per 10 gram.Also Read - 5 Tips That Will Save You From Being Cheated While Buying Gold Or Diamond | Akshaya Tritiya
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Meanwhile, it has been reported that the year 2021 is likely to add to the shine of the gold as consumer demand which has largely been subdued amid the pandemic may rise on the back of economic recovery of the emerging markets. Also Read - Akshaya Tritiya 2022: 5 Traditional Rituals of This Festival
Citing market surveys, a report by the World Gold Council (WGC) said that most economists expect growth to recover in 2021 from its dismal performance during 2020.
It noted that although global economic growth is likely to remain anaemic relative to its full potential for some time, gold’s more stable price performance since mid-August may foster buying opportunities for consumers.
The economic recovery may particularly realise in countries like China, which suffered heavy losses in early 2020 before the spread of the pandemic was controlled more effectively than in many western countries.
“Given the positive link between economic growth and Chinese demand, we believe that gold consumption in the region may continue to improve. Similarly, the Indian gold market appears to be on a stronger footing. Initial data from the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in Q2 of last year”, it stated.